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Bahrain FinTech Bay Project Launched

Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board. BNA
Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board. BNA
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Bahrain FinTech Bay Project Launched

Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board. BNA
Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board. BNA

The Bahrain Economic Development Board (EDB) and FinTech Consortium (FTC) announced the launch of “Bahrain FinTech Bay” (BFB), the largest dedicated FinTech hub in the Middle East and Africa.

The new hub aims to further the development and acceleration of Fintech firms as well as the interaction between investors, entrepreneurs, government bodies and financial institutions.

BFB, with an area of over 10,000 square feet of usable space, is located in the Arcapita building overlooking the waters of Bahrain Bay and the Arabian Gulf.

Scheduled to open in February 2018, it will comprise state of the art facilities, co-working spaces, communal areas, workstations, hot desks, and a variety of other shared infrastructure, making it the ideal hub for local and international corporate innovation labs and FinTech start-ups to base themselves in.

FTC, through its subsidiary FinTech Consortium Bahrain, has been appointed as the operator and ecosystem builder of Bahrain FinTech Bay.

It will apply physical and digital solutions to manage the hub, as well as integrate BFB into its numerous FinTech platforms, including blockchain, insurance technology, regulatory technology (RegTech), and others.

BFB will open, ready for business, as part of FTC’s global network of locations – New York, Singapore, and now Bahrain – and work closely with its counterparts to promote collaboration and shared innovation.

Chief Executive of the Bahrain EDB Khalid al-Rumaihi said: “We are happy to announce this partnership with FinTech Consortium and we are delighted to have the benefit of their expertise as we develop our own regional FinTech hub.”

“We are very excited about the opportunities that FinTech presents in the region and in Bahrain’s ability to serve as a hub for innovation in this sector,” Rumaihi said.

“We know that in order to realize these opportunities, it is vital to get the right ecosystem, including ensuring a supportive regulatory environment and infrastructure is in place,” he explained.
“The launch of our regulatory sandbox, which allows entrants to test their banking ideas and solutions, will show the extent of support available to FinTech companies of all sizes in the Kingdom.”

He noted that this partnership to develop the dedicated FinTech co-working space and digital ecosystem platform will play an important role in further developing this.

For his part, Co-Founder of the FinTech Consortium Gerben Visser said: “We are pleased to work closely with the Bahrain EDB to accelerate Bahrain’s position in the FinTech ecosystem.”

“Bahrain FinTech Bay will promote innovation, entrepreneurship and foster collaboration between our partners. With the strong support from the Bahraini government and Central Bank and a world-class infrastructure, we are confident that Bahrain FinTech Bay will contribute to the future-proofing of Bahrain’s financial center”.

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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)

Severe wildfire seasons are increasingly hurting western Canada's lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.

After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies.

Dozens of communities, including popular holiday spots in British Columbia's Kootenay region, are under evacuation orders and several highways are closed.

This year's surge in wildfire activity comes after Canada endured its worst-ever year for wildfires in 2023, when more than 15 million hectares (37 million acres) burned, including parts of the city of West Kelowna in the heart of British Columbia's wine region.

Ellen Walker-Matthews, head of the Thompson Okanagan Tourism Association, said the industry was seeing a lot more last-minute travel decisions instead of booking in advance.

"It's a huge blow. July and August are traditionally the busiest months in the region," said Walker-Matthews, adding that while her region has been relatively unscathed by wildfires this summer, some visitors are choosing to avoid interior British Columbia altogether.

The members of the British Columbia Lodging and Campgrounds Association are reporting a 5-15% drop in bookings from a year ago, with the biggest declines coming from the hotter Okanagan and Cariboo regions, said Joss Penny, who heads the association.

"The concern is that this is something we have to live with and we have it every year now," said Penny.

Although wildfires in Canada's forests are natural and common, scientists say drier, hotter conditions fueled by climate change are leading to more volatile and frequent blazes.

'SMOKEY SKIES'

Some events, like the Salmon Arm Roots and Blues Festival, usually held in August, have now been rescheduled to earlier in the summer to avoid what is now seen as peak smoke season. The festival, which was cancelled last year due to nearby wildfires, was this year moved to July to benefit from "less smokey skies."

Wildfires and extreme climatic events are prompting tourists to "change their plans not just temporarily, but permanently," said Elizabeth Halpenny, a tourism researcher and professor at the University of Alberta, noting that seasonal workers in the sector are often the hardest hit as they have few protections during a bad season or amid a cataclysmic fire.

Tourism contributed C$7.2 billion to the British Columbia economy in 2022, and C$9.9 billion to Alberta in 2023, according to the latest government data.

Jasper National Park is one of Canada's premier tourist destinations, with more than 2 million visitors a year flocking to see its pristine mountain landscapes and abundant wildlife, including grizzly bears, moose and elk.

Kelly Torrens, vice-president of product at international tour company Kensington Tours, described western Canada as a bucket-list destination. But the company now has 49 trips that were supposed to pass through Jasper this season in limbo. Six others were forced to evacuate the park when the fire hit.

Parks Canada has cancelled all camping reservations within Jasper National Park until Aug. 6 and with potentially 50% of the town's structures destroyed by fire, the cleanup and rebuild could take years.

Halpenny is among those hedging their bets.

"I've booked a campsite stay in the mountain parks but at the same time, I booked a campsite out on the prairie somewhere and that's my backup plan because I don't want to miss out on my vacation with my family."